BUSINESSNBS report shows Nigeria exported cigarettes worth N57bn in 2022

The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria exported cigarettes worth N57 billion in 2022.

The agency disclosed this in its foreign trade report published on its website and obtained by Ripples Nigeria on Sunday.

A breakdown of the data showed that Nigeria exported cigarettes worth N10 billion in the first quarter of last year and another N13 billion in the second quarter.

This continued in the third and fourth quarters with N15.1 billion and N18 billion respectively.

A recent report by the New York-based PR Newswire revealed that the global tobacco market is envisioned to generate $901 million in revenue and increase at a Compound Annual Growth Rate (CAGR) of 2.5 percent from 2021 to 2028.

The Nigerian government on its part has been making efforts to generate revenue from the tobacco industry.

In 2022, the Federal Government increased the tax on cigarettes by 30 percent.

In addition to the 30 percent ad-valorem, a specific excise rate has been increased from N58 to N84 per pack of 20 sticks of cigarettes, and this is expected to increase to N94 per pack in 2023 and N104 per pack the following year.

Source: Ripples Ng